Looks like you have a number of answers but none of them gives you a concrete answer. Why? Because every financial entity that has mortgages has different rules. Suppose the lien holder is a major bank. Chaces are then bank will try to work with the landlord. But suppose it is a investment company that bought the mortgage on the open market. They may not be willing to do such a modification. Now suppose the lender is a private lender locally. They may want the property rather than work with the landlord.
Another thing to think about is that most loan modifications do not succeed. I work short sales in your area and pretty much everyone I contact says they are going to get a loan modification. But right now I thnk the percentage that get through the paperwork is about 16%.
My suggestion is to start looking "just in case". If you need help, please give me a call or email me at the email address below.